Buyers who head into the housing market believing they should get a home for less than the listing price may be very disappointed. Instead, they may consider that asking prices have become more like the start of an auction and be ready to start bidding.
For every listing, there is an average of 5.1 offers, according to the National Association of REALTORS®. What’s more, half of homes are being sold above list price
Additionally, “Due to the low supply of houses for sale, many homes are now being offered in an auction-like atmosphere in which the highest bidder wins the home,” an article at Keeping Current Matters notes
Continue…https://magazine.realtor/daily-news/2021/06/09/buyers-may-benefit-from-an-auction-mindset

In the frenzy of the hot housing market, more buyers are being drawn to older homes for their historic charm. But where are older homes best available exactly?
LendingTree researchers analyzed Census Bureau data to find where the share of older homes—which are defined as housing units built in or before 1939—are most prevalent in the nation’s 50 largest metro areas. They found that older homes tend to be more common in certain areas, and their values can vary significantly relative to the value of all homes in the area.
Continue… https://magazine.realtor/daily-news/2021/06/03/older-homes-gaining-new-appeal

The big question since the pandemic: Will workers return to the office or is remote work here to stay? Already, some commercial forecasters are surprised by the reversal of what they thought would be a lasting desire to work from home. Office spaces may once again grow in demand soon.

While tech firms may be the most connected for a remote-work world, they’re showing some eagerness to lead the way in returning to work. Tech giants like Amazon and Google are pushing for a full-time return to the office and are even expanding their offices nationwide. After more than a year into the pandemic, some tech firms are joining other companies to pull back from the long-term trend of working from home that they anticipated.

Continue…https://magazine.realtor/daily-news/2021/05/19/tech-firms-are-leading-return-to-the-office

The DIY industry has been booming since the pandemic as more homeowners tackle house projects while sheltering in. But some projects may be doomed to fail.
Homeowners report spending an average of $184.13 to fix their failed DIY house projects, according to a new survey from Cinch Home Services, a home warranty company. Certain DIY projects may be more prone to end in mistakes: For example, one in five attempted bathroom DIY projects ended in failure.
Cinch Home Services surveyed more than 1,000 consumers about their recent DIY experiences—about 90% had taken on a DIY home project during the pandemic.
Continue… https://magazine.realtor/daily-news/2021/05/11/worst-diy-home-blunders-over-the-past-year

Remote work is likely going to continue in some form, but that doesn’t mean workers never want to head into an office again. Investors are betting on a post-pandemic surge in interest in workspaces located in suburban neighborhoods. To get ahead of what they foresee as a trend, they’re eyeing suburban residences and empty retail, with the thought of turning them into smaller office spaces that can be rented out.
Some startups and property management owners are offering flexible office spaces in the suburbs for remote workers who need a break from working from home. They’re touting furnished office space that can be booked by the day or month. For example, one such startup called Daybase is turning retail spaces into furnished offices that can be rented out in suburban locations. The company doesn’t want to replace corporate headquarters but rather to create a network of smaller office
Continue… https://magazine.realtor/daily-news/2021/05/05/the-suburban-office-could-blur-the-lines-of-residential-commercial

The U.S. housing market is on a hot streak with double-digit annual gains in home prices, bidding wars, and surging buyer demand. That type of soaring housing market is prompting more “bubble” fears in some corners, but economists say the housing market isn’t getting overinflated.
“We have strong conviction that we are not experiencing a bubble in U.S. housing,” Vishwanath Tirupattur, a Morgan Stanley strategist, wrote in a note to clients this week.
Lawrence Yun, chief economist of the National Association of REALTORS®, agrees. He told Axios last month: “This is not a bubble. It is simply lack of supply.”
https://magazine.realtor/daily-news/2021/05/06/this-isn-t-a-bubble

As owners remodel and buyers look for that perfect home, with the prospect of entertaining guests in the near future, entertainment updates are gaining in popularity.
The top entertainment updates to a home with the potential for the largest return on investment are centering around the backyard, basement, and kitchen, according to HomeLight’s Top Agent Insights for Spring 2021 report.
In the backyard, a fire pit with a bench or couch ranks as the number one backyard entertainment feature. Nearly 77% of real estate pros surveyed cited this as a top upgrade among home buyers in their market. More than half of real estate pros also cited ambiance with a warm glow from lighting as a top backyard entertainment upgrade. This could include the use of spotlights, string lights, and more.
Continue…https://magazine.realtor/daily-news/2021/04/28/top-upgrades-for-3-entertainment-areas-in-the-home

Here’s welcome news for home shoppers: Borrowing costs got cheaper this week. Mortgage rates are back under 3% for the first time in weeks.
The 30-year fixed-rate mortgage averaged 2.97% this week, Freddie Mac reports.
The drop in rates this week followed a downward trend for the 10-year Treasury yield, which rates closely follow. The economy is gaining momentum, however, and consumers can expect mortgage rates to rise in the upcoming months, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes at the association’s Economists’ Outlook blog.
Continue… https://magazine.realtor/daily-news/2021/04/23/mortgage-rates-are-back-under-3

The 30-year fixed-rate mortgage continued to drop this week, heading back near the 3% range. The 30-year fixed-rate mortgage averaged 3.04% this week, Freddie mac reports. Mortgage rates are still below a year ago and remain at historical lows, which has proven a boon for the housing market, economists note. “Mortgage rates took another dip this week as the 30-year fixed-rate mortgage decreased by almost ten basis points, week over week,” says Sam Khater, Freddie Mac’s chief economist. “The economy is improving on the demand side and on the supply side, a variety of goods and materials remain scarce. As a result of this imbalance, pricing pressures are building and causing inflation to rise. Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year.” Continue…https://magazine.realtor/daily-news/2021/04/16/mortgage-rates-near-3-again